* S&P 500 tech sector set to snap 10-day losing streak
* 1st-Qtr S&P 500 profits estimated to have risen 10.4 pct
* Amazon up after Credit Suisse raises price target
* Dow up 0.83 pct, S&P 500 up 0.80 pct, Nasdaq up 0.81 pct
(Updates to late afternoon)
By Rodrigo Campos
NEW YORK, April 17 U.S. stocks rose on Monday
after the S&P 500 closed the previous session at a two-month
low, in a broad rally lead by recently beaten-down bank and tech
Market focus shifted from geopolitical tension to earnings,
with several Dow components, including Goldman Sachs, General
Electric and Johnson & Johnson, scheduled to release results
later this week.
S&P 500 component Netflix, due to report results
after the bell, was up 2.6 percent at $146.68.
"We could exit this earnings season with double-digit
growth, and that’s the only data we should care about," said Art
Hogan, chief market strategist at Wunderlich Securities in New
On Friday, a U.S. market holiday but not a government
holiday, data showed U.S. retail sales fell for a second
straight month in March and consumer prices dropped for the
first time in just over a year, pointing to a loss of economic
growth momentum in the first quarter.
In later afternoon trading on Monday, the Dow Jones
Industrial Average rose 169.82 points, or 0.83 percent,
to 20,623.07, the S&P 500 gained 18.74 points, or 0.80
percent, to 2,347.69 and the Nasdaq Composite added
47.04 points, or 0.81 percent, to 5,852.19.
The technology sector of the S&P 500 was on track
to close up for the first time in 11 sessions. Financials could
end up for the second time in the same period.
Profits of S&P 500 companies are estimated to have risen
10.4 percent in the latest quarter, the first double-digit
percentage growth since the third quarter of 2014, according to
Thomson Reuters I/B/E/S.
Despite the refocus on earnings, the market could still be
rattled by geo-political sabre-rattling.
U.S. Vice President Mike Pence put North Korea on notice on
Monday, warning that recent U.S. military strikes in Syria and
Afghanistan showed the resolve of President Donald Trump should
not be tested.
Amazon was the largest points gainer on the S&P
500, up 1.9 percent to $901.48 after Credit Suisse raised its
price target to $1,050 from $900.
Credit Suisse also raised its price target on Boeing,
sending the aircraft maker's shares up 1.8 percent to $178.77.
Advancing issues outnumbered declining ones on the NYSE by a
2.39-to-1 ratio; on Nasdaq, a 1.99-to-1 ratio favored advancers.
The S&P 500 posted 12 new 52-week highs and 1 new low; the
Nasdaq Composite recorded 28 new highs and 46 new lows.
(Reporting by Rodrigo Campos, additional reporting by
Yashaswini Swamynathan in Bengaluru; Editing by Dan Grebler)